William sahlman how to write a business plan

human capital, and money. But challenges create opportunities. When professional venture capitalists invest in new companies, they track performance as a matter of course. Q: Any general advice to entrepreneurs seeking funding in the uncertain capital markets of today? The opportunity section of a business plan must also bring a few other issues to the surface. All new ventureswhether they are funded by venture capitalists or, as is the case with intrapreneurial businesses, by shareholdersneed to pass the same acid tests. Without a doubt, these questions deserve a few pages in any business plan. Investors, of course, are looking for businesses in which management can buy low, sell high, collect early, and pay late.

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How much capital equipment is required to support a dollar of sales? Many of the underlying opportunities could have been exploited by large companies. Q: If you were to update your "Glossary of Business Plan Terms" and what they really mean We seek a value-added investor" really means "We are looking for a passive, dumb-as-rocks investor what current terms would you include? A business plan should candidly describe each team members knowledge of the new ventures type of product or service; its production processes; and the market itself, from competitors to customers. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors. How familiar are the team members with industry players and dynamics? (See the insert Who Are These People, Anyway?) All these questions get at the same three issues about the ventures team members: What do they know? Investors also look favorably on a team that is known because the real world often prefers not to deal with start-ups. Before launching the whole show, launch a little piece.